Let's talk about MYX. What signals are hidden beneath the plummet?
MYX fell around 17% today. Let's look for clues in the data.
Trading data shows fluctuations in contract open interest, and the long-short ratio among major investors is unstable, indicating a fierce market turmoil. Market investors are divided on this issue, with some looking to buy the dip and others fleeing.
#MYX is a non-custodial derivatives exchange. It sounds impressive, but its current market capitalization is 198 million, or 1.252 billion after full dilution, with a circulating supply of 158 million. It's seen a dramatic rise and fall from 0.04 to 2.48 and then back down to 1.25.
This kind of volatility is too risky for the average person. While it has a unique positioning, the market is volatile. It's hard to say whether the project can stabilize, whether there will be future positive news, or whether speculators will continue to speculate.
I think it's best not to rush into bottom-fishing now. First, see which bulls or bears have the upper hand. It's not too late to reconsider after the market stabilizes or new news comes out. Don't let impulsive behavior trap you.
The market is never short of opportunities; what's lacking is the courage to seize them.
If you're confused about the market and don't know how to position yourself next,
Z-ing me is a good option.
